Letlole La Rona Limited (Botswana) results of the EGM held on 13 July 2022

By Published On: July 15th, 2022Categories: Corporate announcement

Letlole La Rona Limited (‘LLR’/ ‘the Company) convened an Extraordinary General Meeting (EGM) on Wednesday the 13th of July 2022 via Microsoft Teams to consider the related party transaction between LLR and Grit Services Limited (“GSL”).

A total of 52 unitholders who hold in total 269,293,131 out of 280,000,000 linked units in issue (96.18%), were represented either in person or by proxy.

Two of the Company’s major unit holders, Botswana Development Corporation (“BDC”) owning 112,000,000 linked units in LLR which represent 40.00% shareholding in the Company, and GSL owning 70,280,000 linked units in LLR which represent 25.10% shareholding in the Company, were not eligible to vote as they are related parties in respect of the Transaction.

The total linked units eligible to vote their represented 34.90% of the Company’s securities in issue. A total of 50 unit holders who hold in total 87,013,131 linked units representing 31.08% of the securities in issue cast their votes. The following resolutions proposed at the meeting were duly passed by the requisite majority of votes as set out below:

Resolution no.  Ordinary resolution Linked units voted in relation to total securities in issue Linked units abstained in relation to total securities in issue Votes carried in relation to total number of securities which voted
Number % Number % For (%) Against (%)
1 That the Directors of LLR be authorised to conclude the Transaction, being the co-investment with Grit Services Limited in the acquisition of up t o 50% shareholding in an industrial property in Nairobi, Kenya through the subscription of shares in Orbit Africa Logistics, a Special Purpose Vehicle (SPV) incorporated in Mauritius and wholly owned by Grit Services Limited. 87,013,131 31.08% 95.67% 4.33%
2 That any Director of the Company be and is hereby authorized to do all such things and sign all such documents that are necessary to give effect to the resolution passed at this EGM. 87,013,131 31.08% 0.00% 95.67% 4.33%

A copy of this announcement is available on the Company’s website: www.letlole.com

By order of the Board

Letlole La Rona Limited (LETL.bw)

Share price: 305.00 Thebe (0.00 | 0.00% – 12/08/22)

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